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Published byAja Kennett
Modified over 2 years ago
Cody Mitchell Katerina Koule Vasiliki Pantzia
History of oil crisis and oil wars
OPEC – The leader of the oil market “Organization of the Petroleum Exporting Countries” 79% of world crude oil reserves 44% of the world’s crude oil production
Oil crisis of 1973 Occurred by the OPEC’s embargo to USA, Japan and Western Europe. Net loss of 4 million barrels/day 7.5% of the global output
Oil crisis of 1973 October 1973 - $21.06 per barrel March 1974 - $47.41 per barrel Annual change – 147%
Oil crisis of 1990-91 Occurred due to the Gulf War (August 1990-February 1991) 32 nations led by the United States against Iraq.
Oil crisis of 1990-91 August 1990 - $36 per barrel February 1991 - $56.39 per barrel Annual change – 65%
Oil crisis 2003 Occurred due to the Iraq War. March 2003 – invasion of USA and UK in Iraq
Oil crisis 2003 March 2003 – $40 per barrel July 2008 - $136 per barrel
Extract from the History Chanel documentary “History of Oil”
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